SEJONG -- The Cabinet on Tuesday approved the 2023 budget proposal worth 639 trillion won ($473 billion), which is aimed at securing the fiscal soundness and lowering the ratio of national debt to gross domestic product by minimizing state expenditure. Despite directions to refrain from conducting fiscal expansion, the first budget bill under the Yoon Suk-yeol administration sufficiently reflects its support plan for enlisted soldiers, households with infants, young people in their 20s as well

SEJONG -- The number of self-employed people without employees came to the highest in 14 years in South Korea amid the surge in food deliverymen and business startups among retirees, state data showed Monday. The nation’s self-employed is split into two groups: those who hire several workers as micro-business owners, and those who do not hire any employees. The latter are also called own-account workers. According to Statistics Korea, the number of own-account workers, who work alone, re

SEJONG -- South Korea on Friday finalized its bid to host the World Expo 2030 in its second-largest city of Busan, and announced it would send in the formal bid to the Bureau International des Expositions on Sept. 7. The bidding committee, led by the co-chairs Prime Minister Han Duck-soo and Korea Chamber of Commerce and Industry chairman Chey Tae-won, hammered out the last details of the bidding plan at a meeting in Seoul, according to the Ministry of Trade, Industry and Energy. A task force

SEJONG -- South Korea will push for the abolishment of law provisions, which stipulate criminal punishment on businesses despite meager rule-violations, as part of effort to promote wider scale corporate activities and vitalize foreign investments. Before seeking criminal punishment, the government will issue administrative sanctions in the first stage, the Finance Ministry and the Justice Ministry said during a meeting for revamping regulations in Daegu on Friday. According to the two ministr

SEJONG -- The South Korean government is to seek a joint response with the EU to deal with the US Inflation Reduction Act that slashes subsidies to electric vehicles not made on American soil, rather than seeking dispute settlement within the bilateral trade agreement frame the two forged years ago. Seoul would continue to raise arguments that the US law goes against the Korea-US Free Trade Agreement, but a joint response scenario with other countries seems more feasible to press Washington tha

SEJONG -- Big Korean businesses saw their inventory surge by about 50 percent in the first half on-year, sparking concerns that the piling products left unsold is maybe a sign that South Korea is entering a fog of economic uncertainty. According to the corporate research institute Leaders Index, the inventory assets held by 192 conglomerates came to 147.6 trillion won ($110 billion) in the first half of the year, a 49.6 percent increase from 98.6 trillion won in the first half of 2021. While b

EJONG -- The Yoon Suk-yeol administration would drastically reduce South Korea’s fiscal deficit starting from next year by restricting expansionary policies to improve the nation‘s fiscal soundness. According to government officials on Monday, the Ministry of Economy and Finance has set the goal of slashing the ratio of fiscal deficit to gross domestic product to 3 percent or under -- the first time in four years -- in its national budget plan for 2023. In addition, the Finance Mi

South Korea will expand economic cooperation with African countries and promote local businesses’ advancement into the continent, the nation’s top economic policymaker said Friday. At a ministerial meeting to discuss operation plans for the Economic Development Cooperation Fund in Seoul, Deputy Prime Minister and Finance Minister Choo Kyung-ho said the nation “is seeking to find new trading partners in Africa, whose growth potential is big.” He expressed hopes that Kore

Samsung Electronics vice chairman Lee Jae-yong revived his management activities by participating in the groundbreaking of a new semiconductor research and development complex in Yongin, Gyeonggi Province, on Friday. This marked Lee‘s first official activity after being granted a pardon by President Yoon Suk-yeol earlier this month. In a speech during the groundbreaking ceremony at the company’s Giheung campus, Lee said it is time to “make the future using new technologies.&r

SEJONG -- The number of state-run agencies are expected to be reduced substantially under a government plan to streamline efficiency and performance.  The Ministry of Economy and Finance on Thursday proposed a total of 42 institutions, or 32 percent of the nation’s 130 government-affiliated institutions, to be converted into “a third group” public agencies with more autonomy and responsibility. 　 Currently, those with assets worth 1 billion won ($757,000), a yearly earnin

SEJONG -- Spiraling import prices of grain are expected to bring about further price hikes in local processed food products and food offered at restaurants, with a state-run agency predicting a continuous climb of grain prices in the third quarter of the year. In a recent report, the Korea Rural Economic Institute forecasted that grain import prices would climb 16 percent in the third quarter compared to the previous quarter. A peak in the international prices of grains such as wheat, corn and

SEJONG -- The Yoon Suk-yeol administration said Tuesday that it will provide 2.7 million new homes nationwide over the next five years by easing regulations on redevelopment and reconstruction, as well as designating a group of locations as new towns for development. The first home supply plan under the Yoon administration was unveiled at a ministerial meeting in Seoul, whose participants included Minister of Economy and Finance Choo Kyung-ho and Land Minister Won Hee-ryong. Almost 3 in 5 new

SEJONG -- Economic policymakers are poised to take countermeasures against possible issues in the supply of agricultural and livestock products and further price climbs in the wake of the recent heavy rainfall. At a vice-ministerial meeting in Seoul on Friday, First Vice Minister of Economy and Finance Bang Ki-sun pledged to take any necessary action, saying that “there are worries over a possible instability in the supply of agricultural and livestock products.” He also said the g

SEJONG -- Economic policymakers said Thursday that they would seek to stabilize consumer prices ahead of the Chuseok holiday by greatly expanding supply and issuing discount coupons for agricultural, livestock and fishery products. They also decided to provide support funds worth 42.6 trillion won ($32.6 billion) for small- and mid-sized enterprises and small merchants before the Chuseok holiday period, Sept. 9-12. The measures were confirmed during a meeting presided over by President Yoon Su

SEJONG -- The nation’s transportation fees recorded double-digit growth on-year for the fifth consecutive month in the wake of a spike in international crude prices and a glitch in supply of raw materials, state data showed Tuesday. According to Statistics Korea, transportation-related fees such as cost of fuel, repair and parking climbed 15.3 percent in July, compared to the corresponding month of 2021. Transportation fees grew 12.7 percent in March, 13.8 percent in April, 14.5 percent

SEJONG -- South Korea will push for fast inbound entry of foreign workers and expand quota for businesses to hire foreign workforces to resolve overall manpower shortages in the industrial sector, economic policymakers said Monday. The government plans to seek fast entry of 42,000 foreign workers, whose immigration process have been delayed during the period between 2020 and the first half of 2022. In addition, immigration checks for 20,000 expatriates, who are destined to visit Korea on work

SEJONG -- The Ministry of Economy and Finance is considering taking punitive action against Philip Morris Korea for not complying with the government’s request for notification regarding the testing results of a cigarette product. Market insiders say the government might suspend the US tobacco maker’s Korea business for a month, citing an enforcement act on cigarette businesses. Philip Morris Korea, for its part, said on Friday that it would legally respond if the ministry issues a

SEJONG -- The tally for cases of wealth transfers to Koreans aged under 30 surged by 106 percent last year, compared to the previous year, after a gradual increase between 2017 and 2020, data from the national tax agency showed Thursday. According to the National Tax Service’s data, given to Rep. Kim Hoi-jae of the Democratic Party of Korea, the number of Koreans aged under 30 who reported capital transfers from their parents, grandparents, or others came to 70,115 last year, a 106 percen

SEJONG -- The Middle East was found to have contributed the most to South Korea’s all-time high trade deficit for the first seven months of the year, state data showed Wednesday, reflecting the export-driven economy’s ongoing high reliance on crude oil.　 According to the Ministry of Trade, Industry and Energy, Korea suffered a cumulative deficit of $51.7 billion in trade with countries in the Middle East during the period of January-July. The figure was higher by 244 percent, compa

SEJONG -- The nation’s tax agency has pledged to take stern actions against tax evasion practices via virtual assets, including cryptocurrency, and online platforms. The National Tax Service, in its policy briefing before the strategy and finance committee of the National Assembly on Monday, clarified that the kind of new tax evasion is hampering justice in the market as well as fairness in taxation. More and more people are reportedly seeking to dodge taxes by investing in virtual asset